In June, Korea again lost out to China when it came to new ship orders Ship’s crew

The Korean shipbuilding industry’s shipbuilding orders again lagged well behind its competitor China in the past month.

Global shipbuilding orders last month totaled 2.76 million compensated gross tonnes (CGT), or 95 ships, on Friday, down 49 percent year-on-year, according to data from Clarkson Research Services, the UK shipbuilding industry tracker.

Among those orders, South Korea secured 380,000 CGT, or 14 percent, ranking second, but trailed a significant distance from China, which took the top spot with 2.2 million CGT, or 80 percent. In terms of ship count, Korea and China secured 10 and 71 ships, respectively.

Cumulative shipbuilding orders for the first half of this year totaled 17.81 million CGT, or 678 ships, down 34 percent year-on-year. South Korea won new orders worth CGT5.16 million, while China received CGT10.43 million.

“Korean shipbuilders, which have already secured orders for the next three years, have filled their docks to capacity, prompting a surge in orders for Chinese competitors,” said an industry insider.

At the end of June, the global backlog was 1.14 million CGT, up 70,000 CGT from the previous month. China accounted for 53.15 million CGT, followed by Korea with 38.8 million CGT.

The Clarksons Newbuilding Price Index recorded 170.91 points, up 9.38 points from a year ago.

The price of a single vessel varied by vessel type: liquefied natural gas (LNG) carriers with a capacity of over 174,000 cubic meters cost US$260 million, very large crude oil carriers (VLCC) cost US$126 million and ultra-large container ships US$225 million.

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